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Mortgage Rate

A mortgage rate, or interest rate, represents the interest charged on a mortgage (home loan). Mortgage rates are generally presented as a percentage of the home loan’s value that the buyer pays on top of the loan. Your mortgage rate is one component of your APR, or annual percentage rate, which represents the total cost of borrowing.

Lenders set mortgage rates based on factors like the loan type and size, market conditions and the borrower’s financial situation and creditworthiness. Rates can be fixed (staying the same until the mortgage is repaid) or variable (fluctuating with a benchmark rate). 

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